The Dubai International Financial Centre (DIFC) recorded a 35% rise in gross written premiums (GWPs) in 2024, reaching USD3.5 billion generated by 125 insurance-related entities, compared to USD2.6 billion in 2023.
DIFC’s insurance sector is an important component of its financial ecosystem, encompassing a wide range of activities from traditional insurance and reinsurance to captive insurance. The DIFC regulatory framework provides a stable and secure environment for insurance businesses to provide essential risk management solutions, attracting both regional and international players.
The 2025 record figure was announced by DIFC chief operating officer Alya AlZarouni at the opening of the Dubai World Insurance Congress, the largest industry gathering in the region’s history. Hosted in partnership with Global Reinsurance, the event drew 1,700 attendees from 82 countries, up from 1,300 in 2023.
The DIFC also launched, in collaboration with Asia House, its first dedicated industry report titled ‘Embedding Resilience: Opportunities for the Global Insurance Industry’. The report highlights the growing global insurance market, now worth over USD8 trillion, and the increasing demand for coverage against extreme weather, cyber threats and evolving economic risks.
The Middle East insurance market is booming, fuelled by capital inflows into mega construction, tourism, and energy projects. Dubai, for instance, led the world in greenfield FDI projects in tourism during H1 2024. Rising consumer awareness and product diversification are also expanding insurance uptake in the region.
DIFC continues to attract more captive insurers, InsurTechs, and build on its role as a global hub for managing general agents (MGA) due to a favourable regulatory environment.
As insurers explore the integration of artificial intelligence (AI) in daily operations, InsurTechs, once seen as a potential competitor, are shifting to collaboration with incumbents to mitigate regulatory and investment costs. Meanwhile, Web3 and crypto assets offer insurance growth opportunities as decentralised finance emerges as a key global finance trend.
DIFC continues to invest in strengthening its ecosystem through transparency, talent development, access to timely data and education, positioning Dubai as a global hub for insurance and reinsurance.
“DIFC is well-positioned to broaden and deepen its role as the region’s leading insurance hub, thanks to its progressive and proportionate laws and regulations,” said DIFC Authority chief executive Arif Amiri.
“Over 125 insurance and reinsurance entities call DIFC their home, and we urge them to capitalise on the themes identified in our first-ever report on opportunities for the global insurance industry.”
How can Sovereign PPG help?
Obtaining the permits to conduct insurance activities in Dubai can be challenging. Navigating regulations, obtaining licences and building trust with local partners is crucial for success. Sovereign PPG has an experienced team with in-depth knowledge of business practices in the UAE and close connections with key government departments.
We can advise applicants on the most appropriate business activity, licence and jurisdiction for establish an insurance company and assist with incorporating the company, making regulatory registrations and obtaining all necessary visas and approvals.
If you need assistance with this or with any company set up, restructuring, local partner or Visa and PRO support in UAE, or any other related service, please contact us on +971 4 270 3400, email to sovppg@sovereigngroup.com , or complete the contact form below. We will be delighted to help.
